Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 65,366, 25,610 total housing units (homes and apartments), and a median house value of $690,689, real estate costs in Union City are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Large apartment complexes or high rise apartments are the single most common housing type in Union City, accounting for 55.00% of the city's housing units. Other types of housing that are prevalent in Union City include duplexes, homes converted to apartments or other small apartment buildings ( 37.90%), single-family detached homes ( 4.69%), and a few row houses and other attached homes ( 2.38%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.
Union City is dominated by renter-occupied one, two, or no bedrooms apartments. 80.41% of Union City's dwellings are rentals.
The housing in Union City was primarily built before 1939 ( 33.58%), making the housing stock in Union City some of the oldest overall in America, although there is a range of ages of homes in Union City. The next most important housing age is between 1940-1969 ( 30.51%), followed by between 1970-1999 ( 24.93%). There's also some housing in Union City built between 2000 and later ( 10.98%).
In the last 10 years, Union City has experienced some of the highest home appreciation rates of any community in the nation. Union City real estate appreciated 172.00% over the last ten years, which is an average annual home appreciation rate of 10.52%, putting Union City in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Union City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Union City that despite a nationwide downturn in the housing market, Union City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Union City appreciation rates continue to be some of the highest in America, at 16.44%, which is higher than appreciation rates in 98.28% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Union City. Union City appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Union City's latest annual appreciation rate is higher than 90% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Union City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Union City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Union City real estate investment or home purchase decisions.
$690,689
for New jersey
for nation
25,610
$2,833 / per month